contestada

How much can Jeff claim as an itemized deduction for taxes paid if he paid the following in 2019: (state income tax withheld of $5000; real estate taxes of $3500; personal property taxes based on value of his car of $1000, state income tax owned for 2016 of $450; and gas tax of $675)

Respuesta :

jepessoa

Answer:

The maximum state and local tax deduction is $10,000 for all combined state and local taxes paid during the year. That is the maximum amount that Jeff would be able to deduct if he itemizes. In this case, the maximum deduction would be = $5,000 + $3,500 + $1,000 + $450 = $9,950.

Unless Jeff has other applicable deductions, he would be better off by taking the standard deduction.

Otras preguntas